AUD/USD is struggling to extend recovery above 0.6760, upside looks favored amid the risk-on impulse.
Federal Reserve might turn more hawkish if US ISM Manufacturing PMI delivers a surprise jump.
A sense of relief has been observed by the Reserve Bank of Australia as inflation has softened significantly.
AUD/USD looks failing to turn bullish despite a responsive buying move amid an Inverted Flag formation.
AUD/USD has stretched its V-shape recovery move above to near the 0.6760 resistance in the early European session. The Aussie asset witnessed a sell-off in the Asian session after the release of the downbeat Australian Gross Domestic Product (GDP) and a sheer decline in the monthly Consumer Price Index (CPI). The downside bias in the Australian Dollar faded after the release of the upbeat Caixin Manufacturing PMI data, which infused fresh blood into the Aussie and resulted in a V-shape recovery.
S&P500 futures have turned positive after recovering significant losses posted in the Tokyo session, portraying a sheer recovery in the risk appetite theme. The US Dollar Index (DXY) has refreshed its day low below 104.47 as investors have ignored the uncertainty associated with hawkish Federal Reserve (Fed) bets. Also, the safe-haven assets are struggling to find a cushion as investors have underpinned the risk-on mood. Contrary to the positive market sentiment, the return offered on the 10-year US Treasury bonds looks still solid around 3.94%.
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